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Customers are the biggest and the most valuable asset for any organization. Be it a small business or a large organization. Customer acquisition and retaining is two of the most used strategies in the corporate world along the lines of customer management.
One of the most frequently asked question in organizations is “what’s better?” is it acquiring new customers or retaining the existing one. Even though both these strategies are important one of them should be the primary focus.
It definitely is a tricky question however; the tested and proven answer is focusing on Customer Retention Strategies is the best choice. There are many studies that have proven that today in organization almost 68% of the sales are generated through the existing customer base. So the stakes are definitely higher.
Even though Customer acquisition sounds very attractive retaining customers will constantly generate greater ROI and the norm is that it costs approximately 5 to 25X lesser. It is also believed that these customers will definitely bring in new customers through recommendations and word of mouth.
The next important question is “how do organizations create customer retention strategies to increase customer engagement and satisfaction. There are many case studies across organizations that have tried and tested different methods in customer retention.
Here are nine customer retention strategies that some of the biggest brands are currently following to attract, retain and satisfy customers. Three of the ingredients that make this wonderful recipe are leveraging on convenience to prioritizing and personalization that have been the key in many successful customer retention strategies in top companies.
If you are still confused on what exactly is customer retention let’s break it down to fractions more before moving into customer retention strategies. “Customer retention is a very specific initiative designed to focus on increasing customer value and encouraging them to re-visit, re-purchase and even speak about the products and services.
Here are some of the top customer retention strategies used by the top companies across the world.